DoD takes aim at predatory lending

DoD is taking new steps to stop predatory lending. It’s proposing to extend the 36% interest rate limit to cover all interest and fees associated with some loans. It also wants to require the creditor to provide military borrowers with additional disclosures, including a statement that they should seek other options than high-cost credit and to include financial counseling and assistance from the Military Aid Societies. The main concern is that predatory lending undermines military readiness.

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